SOFAZ's activities in the field of assets accumulation and spending are overseen by a Supervisory Board. The Board is to review Fund's draft annual budget, annual report and financial statements along with auditor's opinion and provide its comments. Members of the Supervisory Board are appointed by the President of Azerbaijan and shall represent both state bodies and civil society.

In accordance with the Presidential Decree No. 73 dated November 27, 2008 7 members of the Supervisory Board were appointed.